Sheldon Adelson is in the news again, this time with the announcement of plans to construct a very large casino resort on the Cotai strip in Macau. Adelson is a major developer of the Cotai strip which was reclaimed from the sea to become an area of luxurious casino resorts based on the famous Las Vegas strip after the gaming market opened up in Macau in 2002. Macau is the only area in China where gambling is legal.
The new casino resort is to be called the “Parisian” and will have a Paris based theme complete with a copy of the Eiffel Tower which at 160 metres high will be built to a scale of 50% of the original tower.Even though there has been a slowing down in the economy in China recently, Sheldon Adelson believes that there is potential for major growth in the gambling industry in Macau. Income from gaming in Macau reached almost 34 billion dollars in 2011 and it has greatly surpassed the revenue from gambling in Las Vegas. (See article: Macau Casino Revenue Continues to Rise in 2012).
The Las Vegas Sands Corporation of which Sheldon Adelson is chairman and chief executive officer is one of only six casino operators to hold a Macau casino licence. The company has already developed four casino resorts in Macau. Its Venetian Macau, the first main casino resort in Macau which opened in 2007, is the world’s largest casino. It was while he was in Macau recently for the opening of another hotel in the next phase of the Sands Cotai Central casino resort that Sheldon Adelson announced the plans for the 2 and a half to 3 billion dollar “Parisian” development. The Parisian is to have about 3 000 hotel rooms and also several hundred gaming tables.Sheldon Adelson’s Las Vegas Sands Corporation and Sands China have hit the headlines recently due to investigations by the United States authorities into money movement and possible breaches of anti-bribery laws although the company denies any wrongdoing. The American casino magnate also recently announced plans to build the major European casino resort “Euro Vegas” in Madrid, Spain.